Galvanized Steel Market Size to be Valued at USD 172.1 Billion by 2034; Surging Construction Industry to Augment Market Expansion Globally

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Published Date: November 2024

Galvanized Steel Market Size was valued at USD 102.1 Billion in 2024 and is expected to reach USD 172.1 Billion by 2034, growing at a CAGR of 5.9%

Galvanized steel is regular steel that is dipped in zinc for improved resistance to corrosion. The galvanized protective coating protects the iron steel substrate from corrosion due to moisture, saturated environmental conditions, or ambient humidity. During galvanization, a sacrificial layer is created between the zinc protective layer and the steel to ensure maximum protection against elements that cause rusting. The galvanized steel market growth is driven by the increasing use of the galvanized steel as they are durable and corrosion-resistant.

Segmentation Analysis:

By Product Type	Sheets & Coils, Tubes & Pipes, Wires, and Other Products
By Coating Type	Hot-Dip Galvanized, Electro-Galvanized, and Galvannealed
By Application	Construction, Automotive, Appliances, and Other Applications

Report Highlights:

On the basis of product type analysis, the market is segmented into sheets & coils, tubes & pipes, wires, and other products. The sheets & coils segment is expected to excel in the market. The increase use of the galvanized sheets and coils in different applications due to their resilience and strength is boosting the segment’s expansion in the market.
Under the coating type insights, the market is categorized into hot-dip galvanized, electro-galvanized, and galvannealed. The ability of steel protection from corrosion by dipping the steel into molten zinc, creating a strong coating, is driving the hot-dip galvanized segment expansion in the market.
Under the application segment, the market is divided into construction, automotive, appliances, and other applications. The market is being dominated by the construction segment due to the high use of galvanized steel in the construction industry.
Geographically, the market is analyzed across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is leading the market during the forecast period due to the presence of modern infrastructure and a high level of sustainability in the region.

Market Dynamics:

Growth Factor	Challenge Factor	Market Trend
Bolstering Construction Industry	Fluctuations in Raw Materials Prices	Sustainable Practices

Report Analysis:

Long Term Performance of Galvanized Reinforcing Steel in Concrete Bridges

According to OnePetro research article, galvanization of reinforcing steel bars is one of the techniques used to inhibit corrosion of reinforcing steel used in concrete. Hot-dip galvanized reinforcing steel bars were used in concrete bridge decks subjected to deicer salts to inhibit chloride-induced corrosion and increase the service life of concrete bridges.

Over the years, a number of corrosion-inhibiting techniques have been employed to lessen or completely prevent the corrosion of concrete reinforcing steel. These systems incorporated strengthening steel, corrosion-inhibiting admixtures, and cathodic protection.

Latest Innovation and Acquisition:

In an attempt to increase the production of value-added products (VAP), JTL Industries, a steel tube manufacturer that specializes in making black steel pipes, pre-galvanized steel pipes, and galvanized steel pipes, increased the manufacturing capacity of its galvanized iron (GI) plant in Mangaon, Maharashtra, by 5,000 MT per quarter in September 2024.

In October 2024, JSW Steel Ltd. declared that Jsquare Electrical Steel Nashik Private Ltd, a subsidiary, has agreed to buy all of the stock in Thyssenkrupp Electrical Steel India Private Ltd. Final adjustments are pending at closure, and the overall sale value is ?4,051.40 crore. Through this transaction, JSW and JFE will have instant access to the market and create a completely integrated supply chain for GOES in India, covering everything from manufacturing to sales.

Key Highlights:

·In July 2024, iSTEEL Zinc, the next generation of galvanized XLS TMT bars, has been launched. Viki Industries, which produces iSTEEL, a premium TMT bar brand known throughout South India, has introduced iSTEEL Zinc, a breakthrough zinc-coated TMT bar with a threefold longer construction life than ordinary TMT bars. Buildings constructed with iSTEEL Zinc, galvanized XLS TMT bars can last up to 150 years, compared to 50 years for standard TMT bars.

In March 2024, Lanka Special Steels launched a GI wire product line for overseas markets. Lanka Special Steels Limited, Sri Lanka's premier and pioneering manufacturer of hot-dipped galvanized steel wire with over 25 years of experience, recently announced the launch of its flagship international wire brands, "Lanka Special Steels Ltd. Poultry 300" and "Lanka Special Steels Ltd Premium 100".

Browse ∼76 market data tables and ∼45 figures through ∼175 slides and in-depth TOC on “Galvanized Steel Market Size, Share, By Product Type (Sheets & Coils, Tubes & Pipes, Wires, and Other Products), By Coating Type (Hot-Dip Galvanized, Electro-Galvanized, and Galvannealed), By Application (Construction, Automotive, Appliances, and Other Applications), and By Region - Trends, Analysis and Forecast till 2034”

For more insights on the galvanized steel market and its future trends, visit link: https://www.prophecymarketinsights.com/market_insight/galvanized-steel-market-5525

Competitive Landscape of Galvanized Steel Market:

The key players operating the Galvanized Steel Market include ArcelorMittal, Nippon Steel, Sumitomo Metal Mining Co., Ltd., Nucor, United States Steel (USS), ThyssenKrupp, Severstal, JSW Steel, Essar Steel, Rautaruukki, Baosteel, Ansteel, Wuhan Iron and Steel, Shagang Group, Shandong Iron & Steel Group, Ma Steel, Bohai Steel, Shougang Group, CSC, and Valin Steel.